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This past year, the Singapore government instituted yet another buyer's stamp duty (ABSD) of 10% that is required to be paid by all foreigners looking to purchase property. Many real-estate professional feel that this is the key explanation why property prices fell last month .8%. Only time we tell what the long run effect in the new tax could have on real estate market overall. panorama condo
The Singapore property has become on fire for such a long time, that numerous active investors did not ever think it would decrease. It is an island state that is located in Southeast Asia if you are not familiar with Singapore.
Singapore is actually a democracy, which is without question among the strongest economies in the world. Presently, less than 2% if the population is out of work. Actually 2% is too low, because it means that there are not enough employees, for the jobs that are available, while that figure might sound fantastic.
This is probably the reasons that real estate investment in Singapore is expected to get immediately after the long term results of the new tax are fully understood by everybody which is evolved with this particular market. Singapore is ideally situated on the shipping routes in this region around the globe.
The country has one of the busiest and more profitable ports in the world, because of that. Most of us are fully mindful of the truth that many countries based in Asia economies are simply just booming. Singapore is located nearChina and Korea, and Thailand, whose exports to both US and Europe are increasing significantly each and every year.
The port of Singapore is amongst the country's most essential and well paying employers. This advanced facility is continually upgrading its operation and expanding its capacity simply to keep and try on top of demand. Because of this, the Singaporean economy is expected to continue growing at the same incredible rate is has been for the past ten years, for the foreseeable future.
Ever since the country of Singapore's democracy is really well thought and respected to be really stable from the citizens living within the surrounding countries, a lot of those citizens have flocked to the real estate market and acquired properties.
Unlike several of the countries which are situated in the region, like China who seems to be still communist, South Korea which has to handle the North Korea threat, and Thailand that recently had bad riots, Singapore is recognized as a wise and safe haven for very long term capital investment.
If you have been checking out the latest property launches in Singapore and are trying to decide when or if you should buy, more than likely things will go back to normal very shortly. Singapore has way too much going for it to drag it down for too long, though there is no doubt that the new ABSD property tax will have a short term effect on the market.